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Ethos Gold & Vior Start Drilling at Ligneris Gold Project in Abitibi in Québec

Mining News - Published on Wed, 06 Nov 2019

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Ethos Gold Corp and Société d’exploration minière Vior Inc announced the commencement of their previously announced drill campaign on the Ligneris gold project, located 110 km north of Val-d’Or, Quebec. Two diamond drills are now on site and running, each targeting two different areas, namely the Central and the South zones. Approximately 6,000 meters of drilling in the First Phase program is scheduled to be completed by the end of December 2019. Mr Craig Roberts, President and CEO of Ethos, said “We are excited to have commenced a significant drill program at Ligneris to test many of the high priority targets developed by our independent consultant InnovExplo. Previous drilling on Ligneris, almost 30 years ago, tested only the first 300 metres from the surface and intercepted multiple significant gold intervals. Many of the drill holes will now test the strong chargeability anomalies identified in the recent gradient IP survey below this gold mineralization. We look forward to the results from this program.”

The objective of this drilling program is to test the depth extensions of historical gold-bearing drill intercepts to approximately 600 meters, which coincide with well-defined geophysical chargeability anomalies. The program will also test some shallow-depth chargeability anomalies generated from the recently completed gradient induced polarization survey (Gradient IP) that are located along strike with known strongly altered structural corridors. Historical drill intercepts at Ligneris included 10.6 m @ 13.5 g/t Au and 2.9 m @ 62.0 g/t Au in the South Zone, and 1.45 m @ 216 g/t Ag and 2.79% Zn, and 5.43 m @ 4.92 g/t Au in the Central Zone. The mineralization at Ligneris is interpreted as an Archean-age, gold rich volcanogenic massive sulphide system, geologically analogous to Agnico Eagle’s flagship Bousquet/LaRonde complex located 80 km south.

Ethos can earn a 51% interest in the Ligneris Project by issuing to Vior 1.0 million Ethos shares and incurring $3.0 million in expenditures over the first four years of the agreement. Following an initial earn-in to 51%, Ethos will have 60 days to elect to earn-in a further 19% interest thereby increasing its total interest to 70% by incurring an additional $4 million in expenditures over the subsequent three years.

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Posted By : Rabi Wangkhem on Wed, 06 Nov 2019
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